GMI: Pet diabetes device market to exceed $3B
by Katie Pfaff
The worldwide market for devices used in pet diabetes care was valued at $2 billion at the close of last year, according to Global Market Insights Inc., a market analysis company. The market is expected to grow by a CAGR of 6.9% across the forecast period, which includes 2022 to 2028. At the end of the period, the market is expected to grow to a value of $3.3 billion.
Growth in the market is forecast based on rates of increased obesity and subsequently higher rates of diabetes among those pets. Other driving factors for growth include higher rates of pet insurance and spending related to companion animal care as well as technological improvements in veterinary diabetes care devices.
With the increase in pet insurance adoption, pet owners are expected to manage their pet’s care well, including diabetes and using devices. At the same time, the revenue in the market has led to investment in research and development in veterinary care devices. Currently, the revenue share of insulin devices in the pet diabetes care devices market is expected to reach 92% by 2028. Within the segment, insulin pens are common devices used in-home care, veterinary clinics or veterinary hospitals.
Though dogs have higher rates of diabetes compared to cats, however, the latter is growing at a fast rate. In the US, greater than 50% of cats are over ideal weight, putting them at an increased risk for developing type 2 diabetes. The cat segment of the market for pet diabetes care was valued at $857.6 million in 2021.
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